Ethereum Price Prediction: ETH/USD Resumes Uptrend, Trades Marginally

Ethereum (ETH) Price Prediction – August 22
Ethereum bulls have broken the crucial support level as price found support above $380. The current support is likely to hold as Ether gets set for an upward move. In the ETH/BTC, the coin has a breakdown and it is currently trading at Ƀ0.033852.

ETH/USD Market

Key Levels:
Resistance Levels: $200, $220, $240
Support Levels: $160, $140, $120

ETH/USD – Daily Chart

ETH/USD has a breakdown to the low of $380 after the rejection at the $440 resistance. There is every indication that the current support is likely to hold. Since August 1, the $380 support has not been broken. On the upside, if price rebounds, ETH will rise and retest the $440 resistance. A break above $440 resistance will catapult the coin to a high of $480. Ethereum may fall if it fails to breach the resistance level. The current price action has been confirmed by the Fibonacci tool. The $440 resistance is the 1.272 Fibonacci extension level. The coin reached the 1.272 Extension level. This indicates that the market will reverse and return to a 78.6% retracement level which is the $380 support.

Ethereum May Not Sustain Its Rally: A Storm Gathering for Ethereum
The question is whether there is potential sell-off or slump in the short term. Ether’s market sentiment is spiking as long term investors are up by 88%. Ethereum (ETH) token is presently at a two year high of 1.88. This enables the long term investors to have 88% of their initial investment. This has been the highest average profit for Ether’s long term holders since February 2018. The bottom line is that there is an incentive to sell and take profit.

ETH/BTC – Daily Chart

Nonetheless, in the ETH/BTC, the price is making a series of higher highs and higher lows. The coin is trading above the Ƀ0.033629 support. The price action is showing bullish signals and if the support holds, the crypto will make an upward move. On the other hand, if the bears break and close below the support line of the ascending channel, the downtrend will resume.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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